Crude prices gathered momentum following a weekly report published by the American Petroleum Institute late on Tuesday. The report outlined US crude supplies falling by 6.40 million barrels for the week end November 17th. Official Energy Information Administration inventory data is scheduled for release later in the session, and may confirm the drawdown estimated by API. The current consensus forecast is anticipating a stockpile draw of 1.545 million barrels.
Oil prices also received a lift after a shutdown of TransCanada's Keystone pipeline that links Alberta’s oil sands with US refineries following last week’s oil spill. South Dakota regulators commented that they could revoke the company’s permit to operate the pipeline if an initial probe found that TransCanada violated its license. Brent futures for January delivery were last seen trending above key resistance formerly sitting at $63.00 a barrel.